A variety of companies across the US has added 298,000 jobs this month, which is a full 100,000 more than economists expected.
With new faith in the country’s economy, companies have begun to hire and expand. ADP, one of the nation’s largest human resources and payroll firm, provided the first full numbers from Donald Trump’s first month as president.
President Trump also tweeted, “LinkedIn Workforce Report: January and February were the strongest consecutive months for hiring since August and September 2015,” citing a new LinkedIn report that showed strong job-adding numbers for January and February.
The Daily Mail reports:
He also wrote Wednesday on Twitter about another similar measure, citing numbers from a new LinkedIn workforce report that showed strong job-adding numbers from January and February.
Those months ‘were the strongest consecutive months for hiring since August and September 2015,’ the president tweeted, mirroring the report’s language.
Construction jobs increased by 66,000 in February, and the manufacturing sector added 32,000.
Trump has pledged to dramatically improve the U.S. employment market in those sectors as he tries to lure businesses from overseas and stop jobs from fleeing across the border.
He has also promised $1 trillion in new infrastructure spending, another measure calculated to add jobs.
‘February proved to be an incredibly strong month for employment with increases we have not seen in years,’ Ahu Yildirmaz, vice president of the ADP Research Institute, said in a statement.
January’s new-jobs numbers were also revised upward on Wednesday from 246,000 to 261,000.
‘Confidence is playing a large role,’ Mark Zandi, chief economist of Moody’s Analytics, told CNBC.
‘Businesses are anticipating a lot of good stuff – tax cuts, less regulation. They are hiring more aggressively.’
The official U.S. unemployment rate is expected to shift downward from 4.8 per cent to 4.7 per cent, in response to the official jobs numbers report, due Friday.